New York real estate magnate Donald Trump said Thursday he will join a team of Florida developers in transforming a Central Business District parking lot into what could become the tallest building in New Orleans.

The building, first announced in the spring, would be one of the first new high-rises constructed in the city in more than 25 years and could reach 750 feet, or 70 stories. As planned, it will house condominiums, a hotel, a five-star restaurant and retail space, and it could cost as much as $200 million to build.

Perhaps more importantly, news Thursday that Trump is signing on with the project is the latest sign that the city's commercial real estate market is reawakening after years of dormancy.

"Real estate is hot," Mayor Ray Nagin said Thursday after being told the deal was finalized.

New Orleans has seen a boom in commercial and residential projects in recent months. But the announcement Thursday of Trump's involvement means the project is both the largest and highest-profile real estate development to date.

Adding a New Orleans site to Trump's portfolio of high-rise residential properties puts the Big Easy on the map with much larger cities where other developments by the real estate mogul exist, such as Las Vegas, Miami, Chicago and New York. And developers and analysts say Trump's involvement with the city's new tower could attract worldwide attention and maybe even boost values.

"There's no question that there is a high branding value of that name," said John Fox, a hospitality analyst with PKF Consulting in New York. "Trying to quantify that is difficult. (The Trump name) is a significant premium in the condo market," he said.

If nothing else, Trump's enthusiasm over New Orleans will force other developers to take a closer look at the market.

"It's a sexy city, a great city in so many different ways," Trump said. "And our customers (who have bought other Trump Tower condos) have requested New Orleans as a location they'd like to buy in. We've got buyers who follow us wherever we go."

Construction in 8 months

Construction on Trump International Hotel & Tower New Orleans, as the building will be called, could begin in eight months on Poydras Street between Camp and Magazine streets.

Though being called a hotel, the project will actually be a condominium project, with more than 400 rooms set aside as "condotel" units that buyers own but allow to be operated as hotel rooms when vacant. On the upper floors, 250 more units will be sold as traditional condos governed by a condo association.

Trump said Thursday from New York that the condotel concept has proven hugely successful and that his projects, such as in Chicago and Las Vegas, have sold out in weeks before construction began.

The tower will be built by Florida developers Clifford Mowe, Robert Rinke and brothers Allen and Frederick Levin. New Orleans Saints head coach Jim Haslett has a small stake in the development group, which is doing business as Poydras LLC. And Mowe's father, Wayne Mowe, who lives in the metro area, is also a part of the team. Trump will brand and manage the building.

Mowe described the building as concrete and mostly glass with a European contemporary design.

"It's an architectural marvel," Trump said.

The project will include 650,000 to 850,000 square feet of living space and more than 200,000 square feet of parking.

Mowe said the project will also include 60,000 to 80,000 square feet of retail space, although no tenants have been lined up yet.

The building's design, including the exact number of floors and rooms, is still being tweaked. But Mowe said the team hopes to open a sales office in 60 to 90 days.

When the development team first acquired the downtown parking lot and announced plans to construct the building in the spring, sales prices were expected to average $450 per square foot, bringing the project's total cost to $125 million. But with the addition of the Trump name and an expansion of the design, prices on the units are expected to shoot skyward.

The developers say they are financing the deal privately, which means they will not be seeking a public subsidy of any sort. They did not disclose how much each party is investing in the deal.

The project, which will take three years to complete, is expected to create 500 to 700 construction jobs and will rely on the work of local contractors.

Trump said he would have nothing to do with the project if it weren't for three things: the Poydras Street location, the development team, and the project design.

"When I first saw the drawings, I said to my staff, 'This is the first building I've seen in my career where I wouldn't propose one change,' " Trump said.

"It's going to be absolutely the most incredible building New Orleans has ever seen. It will be the best building in New Orleans. Nothing else even comes close to it."

Nagin sees room for more

Trump's enthusiasm is encouraging to Nagin.

With the recent announcement of numerous downtown residential and commercial developments, and with national investors such as Judah Hertz of Los Angeles buying up to 25 percent of the city's Class A office towers, Nagin sees a positive turn for the city's real estate market.

"The market has tipped; it's pretty amazing," Nagin said.

"This is international news," he said of the Trump deal.

In fact, Nagin is already lobbying Trump for more.

"You may need a Trump Tower II," Nagin said he told Trump on Thursday. Nagin pointed out that the riverfront has miles of undeveloped land suitable for high-rise development.

Joe Canizaro, a local real estate developer and a friend of Trump's from the days when they both owned United States Football League teams, said he was pleased to see that the Trump deal was happening.

"I just have one comment: New Orleans is better off because Donald Trump is in town. He will definitely add value to our community."